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<br /> <br />PROMISSORY NOTE <br /> <br />Date: May 1, 2005 <br />Borrower: Central Weld County Water District, acting by and through its <br />Water Activity Enterprise <br />Principal Amount: $3,937,500 <br />Interest Rate: 4.15% per annum <br />Term of Repayment: 20 years <br />Loan Contract No.: C150122, dated May 1,2005 <br />Loan Payment: $293,589.46 <br /> <br />Payment Initiation Date*: <br /> <br />Maturity Date*: <br /> <br />* Payment Initiation Date <br />substantially completed. <br /> <br />1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water Conservation <br />Board ("CWCB"), the Principal Amount plus Interest for the Term of Repayment, pursuant to <br />the LOAN CONTRACT and this promissory note. <br /> <br />1114Y II 2lJ~ 1 <br />J11A7 /) 2.() t.. r( <br />and Maturity Date fields are filled <br /> <br />in after the project has been <br /> <br />2. Principal and interest shall be payable in equal Loan Payments, with the first payment due and <br />payable one year from Payment Initiation Date (the date the CWCB determines that the project <br />is substantially complete), and annually thereafter. All principal, interest, and late charges, if <br />any, then remaining unpaid shall be due and payable on or before the Maturity Date. <br /> <br />3. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street, <br />Room 721, Denver, Colorado 80203. <br /> <br />4. The CWCB may impose a late charge in the amount of 5% of the annual payment if the <br />CWCB does not receive the annual payment within 15 calendar days of the due date. <br /> <br />5. This Note may be prepaid in whole or in part at any time without premium or penalty. Any <br />partial prepayment shall not postpone the due date of any subsequent payments or change <br />the amount of such payments. <br /> <br />6. All payments received shall be applied first to late charges, if any, next to accrued interest and <br />then to reduce the principal amount. <br /> <br />7. This Note is issued pursuant to the LOAN CONTRACT between the CWCB and the BORROWER. <br />The LOAN CONTRACT creates security interests in favor of the CWCB to secure the prompt <br />payment of all amounts that may become due hereunder. Said security interests are <br />evidenced a Security Agreement of even date and amount and cover certain revenues of the <br />BORROWER. The LOAN CONTRACT and Security Instrument grant additional ri~lhts to the <br />CWCB. <br /> <br />8. The CWCB shall give the BORROWER written notice of any alleged defaullt and an <br /> <br />AppendiX 2 to Loan Contract C150122 <br />Page 1 of 2 <br />